Warning over ‘risk’ state pension age rise could be brought forward

The age when Britons can currently claim their state pension is 66 with some experts fearing this could rise to 70 over the coming years. A person typically needs 35 qualifying years to get the full new state pension and 30 qualifying years to get the full basic state pension.From 2026, the state pension age is set to increase gradually from 66 to 67 by 2028, for those born on or after 1960.After this, the age is not set for an increase until 2044, when it will go up from 67 to 68, by 2046.Claire Trott, divisional director for Retirement and Holistic Planning at St. James’s Place, warned that these dates may change and Britons may have to wait longer to claim their state pension.She said: ‘This may all seem a long way away but there is no guarantee that these changes won’t be brought forward.READ MORE: Half a million pensioners to miss out on state pension rise due to where they live The state pension is set for a major boost next year if the triple lock returns (Image: GETTY)’The cost of the state pension is significant and, with people living longer, will continue to rise. State pension benefits are paid through National Insurance and taxes.’There is no pot invested to cover these increased costs, which becomes an issue because the proportion of people paying in versus those receiving state pension benefits becomes mismatched.’Tom Selby, head of retirement policy at wealth advisers AJ Bell, previously told Express.co.uk that younger workers should prepare for receiving their state pension at age 70.Ms Trott said: ‘We don’t expect the state pension age to suddenly jump up to 70. The bigger risk to individuals is that the increase to the pension age will be brought forward to ensure the books can be balanced.DON’T MISSRishi Sunak ‘will do what’s right’ pensioners told as they await verdict on 10.1% rise [TRIPLE LOCK]Halifax customer warns of ‘classic’ cold call scam where fraudsters can steal your details [FRAUD]Pensioner ‘amazed’ to get £18,000 cheque after Martin Lewis’ state pension warning [PENSIONS TIP] The state pension is set for a major boost next year if the triple lock returns (Image: EXPRESS)’It should be remembered that the state pension isn’t means tested and saving for retirement both through pension products and other general investments will give additional freedom of when to access benefits.’Private and workplace pensions can be accessed significantly earlier than the state pension, currently this is age 55, but even this is increasing to age 57 in 2028. The plan is that this should remain at least 10 years before state pension age.’She urged people to take a holistic approach to retirement, putting savings into ISAs, pensions and other investments.The pensions expert said: ‘That way you can access the funds at different times to legitimately minimise the tax payable.’By saving tax you can make your money last longer. This is where it can be really beneficial to take advice to ensure that you are not wasting any of the opportunities available to you when you are saving and also when you need to access the funds.’Having a good range of savings you can access now, in the intermediate term and those that are locked away means that you aren’t putting all your eggs in one basket leaving yourself at risk of being too short at any point.’